Follow the day of the takeover bid for Applus. The price of Applus has shot up 4.39% at the close of trading this Thursday (9.87 euros per share) after learning, before the market opened, of the takeover bid launched by Amber, a joint venture of the funds ISQ and TDR, at a price of 9.75 euros per share.
In the early stages of the session, Applus shares appreciated more than 4%, a percentage that later increased beyond 5% and finally closed at 4.39%, up to 9.87 euros per share, a figure above the price offered by both Amber (9.75 euros per share) and Apollo, which last June launched a Public Acquisition Offer (OPA) on the Spanish company for 9.5 euros per share.
Amber’s voluntary takeover bid is directed at 129,074,133 shares of Applus, representing 100% of the share capital, which means valuing the company at more than 1,258.4 million euros.
Current offer
In a communication sent this Thursday to the National Securities Market Commission (CNMV), Amber specifies that the offer will be paid in cash in its entirety and that it has “the necessary debt and capital commitments” to meet the consideration offered to the Applus shareholders.
Amber considers that the price offered in its takeover bid, which is 2.63% higher than that of Apollo, meets the legal requirements of “fair price”. For these purposes, it has appointed Kroll Advisory as an independent expert to issue a valuation report justifying the offer price.
In any case, Amber defends that its offer is 4.95% higher than the trading price of Applus shares at market close on June 28, 2023, the stock market business day immediately prior to the submission of the takeover request. rival, that of Apollo.
Likewise, it is 7.85% higher than the weighted average listing price in the month prior to the formulation of the initial offer and 16.63% higher than that of the previous quarter. The investment bank Morgan Stanley has also participated in advising Amber on her takeover bid for Applus, as well as in financing the operation.
